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. the president and senator reid old want more revenue beating one way or another, more taxes. and yes, the dow is turning away from backing off from 14,000. here we go, everyone. "varney & co." is about to begin. [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪ from td ameritrade. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. stuart: we are going to call this a news alert. senator harry reid calling for more tax increases. in an interview on abc yesterday, he said tax revenue must be part of any deal to be part of the little defense cuts. here is senator reid. >> the american people are on our side, and america p
delay in those spending cuts. and he calls for another tax increase. now it's up to republicans to respond. remember, spending cut sequester goes into effect in 24 days on march 1st. the sequester by the way was originally the president's idea. let's get right to what the president said. john harwood joins us thousanow all the details. >> as you know, there are two ways to go about deficit reduction under the sequester law passed in 2011. one is the full ten year sequester. that's $1.2 trillion in budget cuts over ten years. the other is to do it piece meal. if do you it just for the rest of of the year, it would just be $85 billion. president obama said if congress can't agree with the full pack annual by march 1st, we need to do something smaller in the name of staving off damage to the economy, to consumer, and to federal workers. here's the president. >> if congress can't act immediately on a bigger package, about they can't get a bigger package done by the time the sequester is scheduled fto go into effect, then i believe they should at least pass a smaller package of spend
everybody's wallet just as taxes go up on every paycheck. plus, the economy is shrinking, unemployment is rising and the president calls forever higher taxes. a gas spike could not come at a worse time. $2900 per family. this is what happens when bernanke pushes down the value of the dollar. off goes oil and off goes gas. this is the inflation that everyone sees and everyone feels. varney & company about to begin. did yoknow not all fiber is the same? citrucel is different- it's the only fiber for regularityhat won't cause excess gas. it's gentle and clinically proven to help restore and maintain regularity. look for citrucel today. stuart: breaking news from dell, as expected. the company is going private. the stock is up 30% this year. it is a done deal. i have a whole raft of tax stories for you. first item, the feds propose to legalize marijuana and establish new pot tax. that would bring in an estimated $20 billion a year. passage of the law a longshot at best. today congressman eric cantor will give a speech on just how expensive it is to raise a family and how higher taxes will
away from its all-time high and a taxing debate in washington. president obama once again says he's going to seek to get new revenue to help bring down the deficit and specifically, he's now calling out carried interest tax breaks again. we'll see where that goes. plus, the story that everyone is talking about this morning, the ravens holding on to beat the 49ers in the super bowl after the lights went out for 45 minutes at the superdome. we're going to try to keep the lights on. "squawk box" begins right now. ♪ if you like it then you should have put a ring on it ♪ ♪ if you like it then you should have put a ring on it ♪ >> good morning, everybody. i'm becky quick along with andrew ross sorkin. joe kernen is on vacation today so we're joined by steve liesman. we're happy to have him here. our top story this morning, the market. we have assembled a trio of wall street's most respected voices to join us for the next hour. we have a lot to talk about this morning. plus, there is that issue of the lights going out at the super dole last night. officials say an abnormality in
wants more "revenue." >> and looking to expand it. >> republicans would have been blamed for any tax increase on the middle class. >> the end result being he takes more money off of wealthy people. >> it slows us down gradually. >> many can say texas don't matter. of course they will in the long run. stuart: here we come. what a perfect moment to throw it to dagen and connell. connell: good morning, everyone. dagen: america is a good bet. here to tell you why. connell: one of our guests in this hour could be the next energy secretary. dagen: more on the power outage and the record-breaking at cbs sports for that incredible game. connell: and cyber attacks, the white house considering action against china. dagen: i had the ravens, did you? by a field goal, 27-24. connell: nobody knows football like dagen mcdowell. clearly. dagen: stocks now has to do every 15 minutes, nicole petallides at the new york stock exchange. nicole: a good bet going. if yo you're betting on the mar, 14,000 mark a little disappointed today, we are pulling back, dow jones industrials down 116 points right now.
as a baseline scenario. remember, all the times the bush tax rates were expected to expire. this is probably the best look. the most honest look we have gone from cbo in years now. i want to show you one more thing on deficit reduction. this is the three scenarios. if you increase deficits by $2 trillion, long-term, by 2023, you start to slow down if you had no deficit reduction. look at how much growth increases here. you take a short-term hit for next year, in the long term, you are adding almost two percentage points to gdp. back to you. lori: that was just about as helpful of a visual as you can get when it comes to understanding this math. melissa: that really breaks it down. what is the cost of reducing the deficit. if only we would have done that before. a great report. thank you. lori: troubling, at best. let's continue on. reversing yesterday's pullback and continuing to rally through the start of this year. will this continue? >> i am pretty optimistic going forward. i do think you will hit about 1675 on the s&p as the year end target. the housing recovery will continue. i think ov
policy as soon as we get our fiscal policy in order. taxes are nearly at their highs. we will have a trillion dollar deficit. dagen: don't you think that the democrats will continue to fall back on raising taxes even more than they already have? it is nothing compared to the $7 trillion in additional debt. >> this is not a solution to our problems. i think they have used this to great political advantage. that is indisputable. that is not a solution as to where the budget has to go. what will the senate democrats put in their budget? what will it look like? they will not be able to raise taxes and solve the problem. the taxes will not work. they do not want to reform entitlements. dagen: there is a growing chorus among many people in this country that our debt is not that much of a problem because we have had these low, low, almost record low interest rates at this point. ultimately, if the fed decides we are worried about inflation and begins to withdraw some of this money out of the system, will that be the day of reckoning? >> that will be a very bad day if it happens. you are h
't be the worst thing in the world because it may be the best we can get without tax increases. they're done talking about taxes. >> they say they're done. the president will say again he wants a package of spending cuts now and a bigger negotiation he wants more revenue or tax increases. this is the president's way. he's beginning his second term. last thing he wants is disruption in the economy in the psychology, financial markets to set his second term off when he thinks things are growing. how much is baked into the marks, if you will? do they expect the sequester, as more people in washington say it's -- let's listen to the president. >> good afternoon, everybody. i want to say a few words about the looming debt lines and decisions that we face on our budget and on our deficit. these are decisions that will have real and lasting impacts on the strength and pace of our recovery. economists and business leaders from across the spectrum have said that our economy is poised for progress in 2013. and we have seen signs of this progress over the last several weeks. home prices continue to cli
're talking about tax see son. that means returns floating around. that means some of hour sensitive financial information. it could be a prime-time for identity theft. >> reporter: tax season is now officially underway. whether you're filing your returns online or three the mail it's a reminder to keep personal information safe and away from identity thieves. don't carry documents with your social security number or individual taxpayer number or give that information over the phone, through the mail unless you initiated the con ver saismghts make sure your computer has updated antivirus software and avoid working on your taxes over a public wi-fi connection like in a public cafe or airport. the following should raise red flags. more than one tax return filed in your name a balance due for a year you didn't file a tax return. irs records pointing to more wages than you earned in a year or state or federal benefits canceled because of an income change reported to an agency. get in touch with the irs. the agency said they've doubled the number of employees working on oat theft cases -- identity
, after paying $24 billion in taxes in 13 weeks. where are those shares operating? nicole: let's take a look, shares are up slightly, up 1/2%, oil around, earnings have been on the rise, earnings rose 5.9%. chemical and refining earnings provided a boost and where they did see production fall to three year lows. is a big tax payout. charles: those devious deal oil--oil companies courting the money. thanks a lot. it was january to remember for markets. it has been huge but not so much for apple shares. stock down 14% this year. and flat over the past 12 months. it has been tumbling and you see is that $2.34 hovering around at 450 area. a different story. for the blackberry that is a 9% in january all bound down 24% over the past 12 months. at stock has been extraordinarily volatile up $0.43, $13.40. we will keep an eye on them for you. the jobs report we want to bring in austan goolsbee, professor at university of chicago school of business and former white house economic adviser in chicago. thanks for joining us. your initial assessment of the jobs report number? >> rider around expec
not have to pay the amt. it also changed the estate tax bumping down the rate of little bit lower than what it had been over the exception of little bit higher. the numbers we just show you, the real numbers will be much worse. we will find out at 1:00 o'clock. back to you. dagen: are we going to be in a statement from the white house at 1:15 p.m.? rich: he will talk about the sequester. he will push for congress to pass a smaller package of spending cuts and tax reform to avoid the economically harmful consequences. he wants tax increases and spending cuts. the tax issue is closed, says the republicans. dagen: thank you for that update. for more on the outlook and what the president will say this afternoon, we go to michael perrone. michael, good to see you. start with this cbo report. will it influence policy and what happens in washington and even the smallest way? >> the cbo is required to give a fictitious look forward at the budget numbers. it will be higher than projected unless other action is taken. the medicare doc fix, for example, will not go away. they have been voting in every
and higher taxes with offset deficit increases long-term says the cbo. over and over again this report talks about those short-term budget decisions on the horizon including march 1st, the automatic spending reductions, sequester. what does congress and the white house do about the expiring continuing resolution in late march, funding for the operations of government and, divorce, the next round of the debt limit debate due to happen in may. tyler. >> hampton, thank you very much. now to john harwood at the white house. we will get specifics, i gather, on what the president wants from a short-term budget deal. any hints? >> we're not going to get specifics, at least that's the guidance i've gotten from the white house official, tyler. what the president is going to do, relates to the march 1 deadline hampton just mentioned, propose to put off that budget sequester, indiscriminate budget cuts affecting definite and nondefense programs for at least several months. that would require tens of billions of dollars. the overall sequester is a trillion dollars over 10 years. that means if you get ab
talked to all the constituencies out here in the big battles over the budget and taxes and fiscal reform, and now, today, immigration. the president meeting with about a dozen ceos. they have been coming in here. the meeting starts in about five minks. among them, the ceo of goldman sachs, coca-cola, yahoo, among the executives visiting, again, today, we've seen them before, and this strategy has worked for the president. as you know, after he met with them, a couple of times, he got them, many of them to agree to hire taxes on the wealthy, and, eventually, cut that deal to avoid the fiscal cliff with republicans by getting the top tax rates back up to 39.6% and families making more than $450,000 a year. the president continues the strategy to get the business community to his side and pressure congress to do what he wants. liz: they want to hire smart immigrants, they want, anybody, i think -- >> they do. liz: business leaders with a degree here to stay and start businesses here and not go back to china, india, or whatever country they are from. rich, to you know. what's the congression
boehner says tax hikes are out of the question. >> every month with president obama kind of feels the same. high unemployment, rising prices, and more debt for our kids and our grandkids. >> reporter: speaker boehner says he does not want another temporary fix. some other republicans indicated they will let the automatic cuts take effect if there's no long-term agreement to reduce the deficit. both cuts would take a bite out of military and domestic spending programs including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> on the "cbs moneywatch" now, overseas markets got a boost and postal problems. ashley morrison is here in new york with that and more. good morning, ashley. >> and good morning do you, anne-marie. well top official's resignation from the bank of japan spurred the market this morning. tokyo's nikkei jumped 3% to close out a four-year high while hong kong's hang sang sank half a percent. the dow shot up 99 points to close at 13,979 while the nasdaq gained 40 points. >>> the end of an era at the post office may be near. after losing $16 billion la
religious institutions ought not to be tax-exempt and get all the tax breaks that they do. they are using their tax breaks to hire lawyers that are costing the taxpayers even more money to basically just have a normal secular society. this issue of birth control, the rest of the world is laughing at us that we are even controverting over it. it should not even be an issue on the table. again, the tax-exempt status for religious institutions, i do not know if there are organizations that are trying to repeal this tax-exempt status, but i never really heard of a program on c- span about it, but these organizations, these religious institutions -- it is the tax breaks they get. host: nick from fairview, tennessee. on the independent line. caller: this is a ploy. socialists like the kennedys and obama, they will vilify -- if they cannot get it right, kruschev said, we will take two steps forward, and one step backward. we no longer live under a constitutional republic. liberals claim that it is a religious group that is against them. the state has become the major religion in this country. th
an approach that includes more tax revenue and spending cuts. but house speaker john boehner says tax hikes are out of the question. >> every month under president obama kind of feels the same high unemployment rising prices, and more debt for our kids and our grandkids. >> reporter: speaker boehner says he does not want another temporary fix. some house republicans have indicated they will let the automatic cuts take effect if there's no long-term agreement to reduce the deficit. both cuts would take a big bite out of military spending and domestic programs including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> we're learning more about the dramatic rescue of that young alabama boy held hostage for a week. the boy identified only by his first name, ethan, celebrated his sixth birthday today. when the fbi stormed the bunker where he was held by his captive, the suspect opened fire. the suspect jimmy lee dykes was killed in that fire fight. dykes was accused of killing ethan's bus driver before kidnapping the boy and it appears he was
the cuts, democrats call for a mix of tax increases, spending cuts, and republicans say the tax issue is closed. >> replace the president's sequester, we need the democratic colleagues to be serious about spending. i wish i could give the american people more cause for optimism, but we see the president's budget is late, and the senate has not had a budget in four years. >> the response from democrats, a spokesperson for nancy pelosi writes, "republicans need to stop governing by sound bites. the bill brought to the floor this week does not address the urgent needs of the american people, nor does it avert any of the upcoming g.o.p. manufactured crisis or the sequester which will destroy jobs, harm the recovery, and hurt the middle class." last evening, president obama said there's room to eliminate tax deductions and loopholes, mentioning carried interest. that's when investment advisers pay the lower capital gains rate rather than regular income tax rates. back to you. david: rich edson in dc. thanks. a look at jacob lew, the man the president picked to be the next president secreta
for the 4% to pull along the 96%. but the consumer is doing okay. >> charlie: do you think taxes impact the way business makes a decision about inconvenien inin, about hiring, about expanding factories, that kind of thing. >> sure they do. charlie: significant or is it simply depending on demand? >> i would say first of all if you compare taxes to your ability to sell the product, it's no contest. it's not even close. you may remember... >> charlie: the product. ... is the thing that runs the show. exactly. if your tax goes up a little bit but your ability to sell the product at the same time doubles or triples, you're really going to notice the taxes. you're going full throttle. if you can't sell it, it doesn't much matter if the government is giving you tax breaks. >> charlie: some people have since the crash in 2008, you know, have said, well, businesses uncertain about the future. >> you hear this constantly. charlie: i'll mention regulations. they'll mention the economic picture. or they'll mention the fact that they develop certain efficiencies. >> sure. they're trying. but what i
at 2:00 p.m. pacific. one would treat-mile-an-hour like alcohol and create a federal tax. the other end would end federal marijuana prohib his and let the states -- prohibition and let the states set their own policies and the growers would have to obtain a permit and it would be illegal to take marijuana to a state where it's illegal. i just wrapped up an interview with one of the group's members. we'll hear from him when i see you next. kyla campbell, ktvu channel 2 news. >>> 7:17. a director is reportedly eyeing the town of ridgefield, connecticut to make a film related to the sandy hook school masser is. richfield is about 20 miles -- massacre. litchfield is about 20 miles away -- richfield is about 20 miles away from sandy hook. this has upset a lot of richfield residents. town officials say they would reject filming permits for the project. but so far, the director has not contacted them. >>> five firefighters are in the hospital in baltimore. they were hurt last night battling this huge fire at a lumber company. witnesses say the firefighters were trying to evacuate the building
out, look, a lot of their improvement had to do with a much lower tax rate related to some of these charges. while there are positive signs in the business that in evestor do like, there's a lot of impact. different story at ubs. interesting to see people try and suck out what this company is reporting when it comes to this quarter. the market reaction was positive than negative. we're looking now down about 0.76% weighing on the swiss market. we had carolin roth since dow with the ceo of armani. if you want to talk about the commonalities between these two kms, it's the number of legal and restructuring issues occurring. ubs is trying to transfer from its investment banking to more of a wealth management model. margins in that business were weaker, weighing somewhat on investor prospects. but when it came to libor in particular, here is how the ceo responded to how they see their ability to put that issue behind them in 2013. >> i think that we made very good progress on addressing many of those issues during 2012. you are always going to have problems, but i think many of
the special fire tax. the request comes after reports that the california department of forest story placed $3.6 million into an off budget account. legislatureséaw@Ñ want prosecuts to great. >> they cannot put money into a secret fund have it administered off the state books for the country district attorney association. that is almost criminal. >> cal fire spokesman saying it was posted on thef#[?t transparency pub web site.f&lex >> there is more still to come tonight. just ahead silicon valley leads the way towards a national recovery but not without competition from the rest of the bay area. >> a look at process by the meat industry to tenderize beef. it's not without risk.z(rÑ >>> silicon valley helping to lead the rest of the country out of the great recession. a rrt shows 46,000 new businesses opened last year and 92,000 new jobs. one analyst says the value gee back to where it was before the dot com bust a dozen years ago. >> there is a big difference is where jobs are being created. silicon valley had bragging rights but now is getting competition from san francisco. our region is
, the president urged congress to pass a mix of spending cuts and tax increases to ease the immediate hit. >> there is no reason that the jobs of thousands of americans who work in national security or education or clean energy, not to mention the growth of the entire economy, should be put in jeopardy just because folks in washington couldn't come together to eliminate a few special interest tax loopholes. >> reporter: republicans dismissed the calls for more tax increases, and many argue the threat of the automatic spending cuts known as the sequester are the only way to force democrats to accept more spending cuts. but their leverage may be limited. >> i think we will have the sequester for a short period of time, probably until the first civilian employee of the government is furloughed, which might take about a week. and then, that pain may be enough to cause the people on capitol hill and the president to come to some sort of rational deal. >> reporter: the short-term budget fight comes as the medium-term outlook for federal red ink is improving. the congressional budget office figu
congress to pass a mix of spending cuts and tax increases to ease the immediate hit. >> there is no reason that the jobs of thousands of americans who work in national security or education or clean energy, not to mention the growth of the entire economy, should be put in jeopardy just because folks in washington couldn't come together to eliminate a few special interest tax loopholes. >> reporter: republicans dismissed the calls for more tax increases, and many argue the threat of the automatic spending cuts known as the sequester are the only way to force democrats to accept more spending cuts. but their leverage may be limited. >> i think we will have the sequester for a short period of time, probably until the first civilian employee of the government is furloughed, which might take about a week. and then, that pain may be enough to cause the people on capitol hill and the president to come to some sort of rational deal. >> reporter: the short-term budget fight comes as the medium-term outlook for federal red ink is improving. the congressional budget office figures the deficit will co
of taxes, i'm not that surprised to hear about buybacks down a bit in the month of january. let's move on. the big that's going to happen this year, draghi, ecb meeting. a lot of people calling for rate cuts to help out on the euro. this is part of the currency argument going on. lowering rates seems unlikely at this point. the fact that there's a big debate about it, is that the euro strength is causing problems in europe. higher valuations last week for home builders. some trading two times book value. that's a big problem for the building people right now, if you trade them, fundamentals are good. barclays downgraded four of the big home builders on exactly that. the valuations have become stretched. we were talking about this two weeks ago, folks. barclays said new home price increases are unsustainable. some of them reporting 17% increases in their prices in the last quarter. that's an excellent number. but existing home prices not moving nearly as much. i agree with that, those are unsustainably high numbers. expect them to be 4%, 5%, 6% this year. let's move on here. the new york s
gasoline. >> payroll taxes. >> i didn't here iger all that worried. a good quarter. >> put a little bracelet around your daughter, make sure you don't lose her. we lost ours. >> maybe that's more of a parenting thing. >> she was 5, of course. >> i find when you take your kids, a little parenting advice, you try to keep track of them. >> thanks for that. appreciate it. i'll keep that in mind for the next time. >> i'll keep that in mind for when i have children. >> all pro-dad. i always watch where they went. even with mr. toad's wild ride. >> i'm the best. >> i don't think it's there anymore. >> jungle cruise? tell me about it. >> it's the best. >> it is the greatest. >> shares of zynga up in the pre-market. revenues came in flat, but they did the forecast. seeing wider than expected loss for the current quarter. the analysts who still cover it, evercore raised it. >> this is a paddles clear. there's a pulse. i did feel -- >> really, come on. >> i remember when it was much bigger than electronic parts. $5 million company. zynga, at one point $2 billion. if it was really that good, th
for the month, despite all those worries about the payroll tax. who won? who lost in the cramer knows. >>> former treasury secretary bob ruben in a rare interview on squawk this morning has words about too big to fail, the sequester and how he missed the crisis at citi. >>> is it time to say good-bye to the u.s. airways brands? a deal looks close for amr's american to take it over, become the number one brand. does consolidation mean airlines just got more attractive. >>> we start off with the retailers, january report card, macy's posting an 11.7% jump in same-store saturday and raising guidance. stellar results from some of the retailers. >> such a mixed picture. some guys -- kohl's, people decided their clearance is moving the stock up nicely. gap strong happens moved. consistently great job. people talking about urban outfitters doing a great job, doesn't seem like the stocks right now are moving the way you would think they would. i don't know how many people are counting on this particular month -- >> a short month, bleedover from the holidays. the rate of beats, 59% is the stro
to but will tax hikes and consumer caution spoil the party? we're going to have that story coming up. ashley: all right. but first as we say the dow hitting 14,000 for example the first time since october 2007. let's go straight to the floor of the new york stock exchange. nicole petallides. what a day. >> that's right, indeed. obviously today is such a milestone for all the bulls out there, with all are the folks so frustrated during the financial crisis when we saw the dow at 6500. here it is at 14,012. these are session highs we're hovering right now, tracy and ashley. we're seeing a gain of over 1% on each of the major averages. the tech-heavy nasdaq the best of the bunch up 1.%. we obviously got in the jobs report today that helped things along. while the current month was not as good as expected we saw november and december revisions helping things along. the other thing that contributed to our run up, not only are we see momentum that the dollar is lower and multinationals always do well when the dollar pulls back. that is something we're watching closely as well. traders continue to watch
is turning to for advice on everything from the deficit to taxes to the broader economy. >>> then, after we talk to them, they're going to paint a picture for us, we're going to turn to two powerful investors for insight into what the conversation in washington means for the broader markets. cowen and company ceo jeff solomon will join us, and the bond king, bill gross. first, steve will bring us up to speed on the morning's top stories. steve? >> thank you, michelle. disney posting better than expected earnings and revenues after the bell. the company says it expects the next few quarters to be better on a stronger lineup of films and growing attendance at its theme parks. ceo bob iegory was on cnbc's "closing bell." >> you had a lot of ins and outs. basically, the trendser good. we had strong results at our domestic parks. the bookings have been pretty solid. advertising was okay. and generally speaking, our business performed well. and our interactive media group was profitable for the quarter. that's the first time the group has been profitable since we've been breaking it out. >> share
% in taxes this year due to the payroll tax coming back. so we do think that is going to hurt the consumer toward the end of the year and consumption makes up 71% of our economic growth. david: well, jeff, it is guessing game whether we're going into recession or not but no guessing game about europe. europe is in a recession. you think it will stay there for all of 2013 that is pretty bearish. why do you think so? >> well i think the market is happy right now because the market looks at two things. euro stronger relative to the dollar. that is a good sign the market is looking for. and our 10-year, spanish government bond yield is lower than they were two months ago or three months agop or six months ago. those conditions hold. crisis is over, right, david? wrong. when you look at actual data, credit, the credit to the private sector continues to contract and for me that is the heart of industry. and that means you're going to be recession. 2013. >> that is the outlook. if you believe, mark maybe in the next couple years we might see recession surely you're still putting money to work. yo
munies with tax-free munis a little bit off the table until we're understanding what tax exemption means from congress's point of view. david: ryan, let's get specific. one of your picks is blackberry. that has had quite a ride recently. why do you think it is going higher?. >> that's right. when you talk about blackberry, the other name we like is green mountain. group those two together. what happened? they were kicked out of the nasdaq 100. we did a quick study, since 2008 names kicked out of the nasdaq 100 do extremely well. netflix was recently kicked out and my colleague liked netflix and that is up 100%. david: it is good to get kicked out of class. i wish you told me when i was in high school. >> facebook is flat since then. research in motion, blackberry, green mountain coffee roasters both those kicked out. nice trending up trends. big puts coming in, big short interest. negativity when you are kicked out and that is as bad as it. those two specifically could get going higher in our opinion here. liz: kevin, ba to your world, whether it is corporates or munis or treasurys, not
deadline. he provided no details about the tens of billions of dollars in spending cuts and tax adjustments that he wants congress to pass quickly. more specifics could come when he delivers his state of the union address next tuesday." with nearly $1 trillion of domestic and defense spending hanging in the balance, the president says the impacts are already being felt. >> they're never -- there are never -- >> we're not going to run it. okay, go ahead. >> -- there are never specific spending cuts. democrats never provide specific spending cuts. democrats -- alex, i'm just curious, how long has it been since democrats have passed a budget in the senate? watch this. watch this. >> 1,379 days. >> where's the full screen? i thought we had a full screen. >> since before the ipad. >> since before the ipad, exactly. no labels, nonpartisan group, of course, has this no -- >> no budget, no pay, which was signed into law by the president yesterday, for this particular bridge on the debt ceiling, but we need to apply it to the broader budget and appropriations process. >> and the thing is, it's just
considering dropping the national ban during a three day meeting that began yesterday. on saturday, taxes and governor rick perry, an eagle scout, told reporters that he thought the band should stay. one sunday, president obama said on cbs that boys scouts should drop the ban, a decision is expected tomorrow. >> police are still searching for two suspects who they say brutally attacked an elderly woman born at home invasion in san jose. you are looking at a sketch of one of the suspects. they say it all started last friday night when a 75 year-old woman noticed that two men were outside tried to break into her daughter's car. the woman opened a home window and tried to scare the men away. that is when she was punched repeatedly in the face and kicked in her ribs. she suffered a fractured nose, two black eyes, and other injuries. >> later this morning we will hear from the san francisco forty-niners and their head coach jim harbaugh. the team came back home to the bay area yesterday afternoon. the niners will be giving interviews about the super bowl after their meeting at 9:00 a.m.. coach
putting them on a path to citizenship, ensuring that after they pay taxes, they pay a fine, they learn english, they get to the back of the line, that's the best option." castro calls the country's immigration system "broken," but adds that congress is on the cusp of making progress. president obama is seeking short-term solutions to fix the country's debt problems. the president has asked congress to decide on short-term spending cuts in lieu of a bigger package of cuts and reforms. lawmakers face a march 1st deadline to avoid across-the- board spending cuts known as sequestration. president obama remarked yesterday that the cuts would threaten economic recovery, and noted he is "looking for a small package of spending cuts and tax revenue increases as a short-term stop- gap." senate minority leader mitch mcconnell responded, saying the president needs to lay out significant spending reforms. the high-tech town of silicon valley is making a strong rebound from the recession. a new report shows jobs, incomes and ipos all increased last year. 92,000 jobs were created. that's about what
in order to get tens of thousands of dollars in tax refunds. following a nationwide investigation, the irs has pinpointed 389 id theft suspects. 109 were arrested. last year, irs investigators prevented $20 billion in potential refund fraud by focusing on the high-risk cities of miami, new york, atlanta, san francisco, chicago and l.a. apple says it will consider a proposal about the future of its stock. the announcement came now that greenlight capital's hedge fund manager david einhorn is suing the tech giant. einhorn wants apple to use some of its $137 billion of cash on hand to prop up the stock price and distribute high-yielding preferred stock to shareholders. einhorn owns a million shares of apple, and his hedge fund is losing money with the stock falling from $705 in september to $392 today. hedge fund manager bill ackman has a fresh attack against herbalife. he sent a 40-page series of questions to the vitamin supplier with topics including compliance with california laws, phony retail customers, and earnings disclosure. herbalife had no response. ackman has accused the company o
with the surveys. there is concern about the economy overall and taxes. they are also concerned about the regulatory environment out there and how healthcare will affect them. the debt ceiling continues to go up and the overall debt. they are very concerned about all of those things. lori: do you think washington has the best interests of small business at heart? >> well, i hope so. the unfortunate part is we are seeing it in the administration. it continues to attack small business. washington has a spending problem, not a revenue problem. we hear about this every single week. lori: you point out that many small businesses do not have lawyers or lobbyists that focus on this. the list goes on and on. that is a serious problem. a serious disadvantage for them, correct? >> exactly. they do not have the resources. that is one of the reasons why we are trying to provide the voice for small businesses. we need to be the advocate for small businesses here in washington. lori: you look at our ballooning national debt in the battle over the current deficit. what is the best outcome? >> that w
" has an article today about how the rise in payroll taxes in particular hitting those on lower incomes. one of your rivals, one of your colleagues, if you like, over at citi, he's actually suggesting that the same-store sales could be challenging moving forward. he's highlighting that he thinks burger king, for example, could be running 200, 300 basis points below the estimate in december flat sales. how bad could it get here? how dangerous is this sector? because of what is happening to low-income americans? >> it's a really good question. obviously this is just unfolding. but we have picked up, you know, very choppy and negative data in the latter part of january as consumers were trying to figure out kind of what was left in their pockets, or their bank account at the end of the month, and the end of the pay cycle. i think we did see a step down, and we've picked that up from operators, industry data. that's really the first impact, obviously, that we saw this year. there's also some changes in e-filing and some weather clearly, as you guys are looking at realtime, that always has a
billion. it was $1.1 trillion last year. the c.b.o. attributed the decline in part to new tax hikes and to automatic spending cuts scheduled to take effect in march. but it said those same factors may also hold back economic growth. personal computer maker dell has announced it's going private. the company detailed a $24 billion buyout of stockholders today. it's the largest deal of its kind since the great recession. dell has been publicly traded for nearly 25 years. but sales have waned as consumers have shifted towards smartphones and tablets. britain took a major step today toward legalizing same-sex marriage nationwide. the house of commons voted more than 2-1 to legalize the practice. that's despite sharp divisions in the ruling conservative party. prime minister david cameron acknowledged the split, but supported the bill. >> i think it's delight gay people should be able to get married, too. this is yes about equality but it's also about making our society stronger. i know there are strong views on both sides of the aisle, i respect that, but i think this is an important ste
on an amended version of governor bob mcdonald's plan. the new legislation would impose a sales tax on gas in place of virginia's current gas tax. and eliminate the sales tax increase mcdonnell had proposed. the amended bill scraps hundreds of millions of dollars in fee increases that mcdonnell wants. today is the deadline for legislation to win approval from either virginia's senate or house of delegates. >>> d.c. mayor, vincent gray is expected to make housing his top priority during his state of the district address later today. according to the "washington post," gray wants to use some of the projected $240 million budget surplus on affordable housing. in recent years, the city has only been able to keep rent down for low-income families. instead of building new housing options. he may also call for raises for city employees. his address something held at the 6th and i historic synagogue. >>> right now, d.c. police need your help to find this girl. let's have a look at her picture. take a good look. this is 6-year-old arianna burts, last seen thursday night in the 2000 block of e stree
to a surplus. finance ministry officials said last year's tax revenues excluding debt servicing costs surpassed spending by 434 million euros. that's about $590 million. the previous year's primary balance was in a deficit by about $4.7 billion. the surplus in the primary balance is a key milestone in greece's efforts to restore its fiscal health. but the greek public is largely unhappy with the government's measures. major labor unions across the country are calling for a general strike later this month. >>> u.s. justice department officials have demanded $5 billion in damages from standard & poor. they say the credit rating agency caused losses to investors by giving high scores to mortgage-backed securities. department officials said they filed the civil lawsuit against the credit rating agency. they claim the s&p knew the housing market was at risk in 2007. they say they inflated their ratings of loans and other financial products to avoid losing clients. >> s&p misled investors, including ma federally insured financial institutions, causing them to lose billions of dollars. this alleged co
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